The Ronin Bridge on Axie Infinity has stopped working after more than $10 million in cryptocurrency was taken out of its system.
The multi-signature cross-chain bridge, which links different networks to the Ronin Network, reported on August 6 that millions of dollars had been taken from its cash pool.
On X, blockchain analysis company PeckShield said that an unknown person or group made two strange transactions and took $10.3 million worth of cryptocurrency out of the protocol.
Ronin Bridge Investigation Ongoing
In reaction, Aleksander Larsen, co-founder of Ronin Network, said that the team would soon give more information and reassured that assets worth over $850 million are still safe. Larsen also said that an investigation into a possible “MEV exploit” that was reported by “whitehat hackers” was still going on.
The crypto community has spoken out against the theft. ZachXBT, a blockchain investigator, said Ronin’s security measures were bad. He called the protocol a “cursed project” and the event evidence of “mismanagement.”
Hacken analysts have looked into the hack even more and said they think it might have something to do with a recent update to Ronin Bridge’s proxy contract. This has raised worries about a possible vulnerability that was introduced during the update. Analyst reports that Ronin’s native token price has risen 11% in the last 24 hours, even though there was a breach.
This is not the first time Ronin Bridge has had a security bug. A group of hackers from North Korea called the Lazarus Group attacked the system in March 2022. They stole 173,600 Ethereum (ETH) and $25.5 million in USD Coin (USDC).
